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Exam CRCM topic 1 question 139 discussion

Actual exam question from ABA's CRCM
Question #: 139
Topic #: 1
[All CRCM Questions]

Which of the following statements regarding applications is correct?

  • A. Applications must be signed to be valid.
  • B. Creditors may accept oral applications.
  • C. Creditors may not develop their own definition for a completed application.
  • D. A creditor is not required to attempt to complete incomplete applications.
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Suggested Answer: B 🗳️
by Cam22 at March 16, 2024, 2:54 a.m.

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Cam22
4 months ago
Selected Answer: B
The statement that is correct regarding applications, particularly in the context of credit applications under regulations like the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, is:
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